The main creditor of SsangYong Motor Co. said Tuesday it has yet to decide on the cash-strapped automaker’s push for a speedier bankruptcy procedure as SsangYong failed to receive approval from its potential buyer.
The pre-packaged plan is a combination of workout and court protection under which a restructuring plan is agreed upon prior to the filing of the bankruptcy case to streamline the bankruptcy process.
HAAH Automotive proposed a 270 billion won investment to acquire a 51 percent stake in SsangYong and demanded the KDB inject a similar amount of funds into the automaker for the deal.